Which has more room to gain, AJAN or PQXX?

From their prices on Oct 9, 2026, AJAN can gain about 9.0% before its cap and PQXX about 1.9%, so AJAN has more room left this period.

Which resets first, AJAN or PQXX?

AJAN ends its outcome period on Dec 31, 2027 and PQXX on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, AJAN or PQXX?

AJAN charges 0.79% a year and PQXX charges 0.50%, so PQXX is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live Compare their flows Ask IQ about these two funds

AJAN vs PQXX: Cap, Buffer & Days Left

As of Oct 9, 2026 AJAN can fall 3.9% before its buffer engages and PQXX 0.6%, and PQXX resets 365 days sooner. Net assets on Oct 9, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $3m for PGIM S&P 500 Quarterly Buffer 20 ETF.

PQXX costs 0.29 points a year less; AJAN is 12.7 times larger.

	AJAN	PQXX
Expense ratio	0.79%	0.50%
Net assets	$42m	$3m
Total return, 1 year	+4.4%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.4%	2.0%

3.9%

AJAN can fall this far before its buffer

0.6%

PQXX can fall this far before its buffer

9.0%

AJAN can still gain

1.9%

PQXX can still gain

AJANAt its cap

AJAN: reference +14.2% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

PQXXBetween buffer and cap

PQXX: reference +2.1% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Figures to Oct 9, 2026.

These are two different products. AJAN is a floor fund, which caps how far a holder can fall. PQXX is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

AJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. PQXX has 83 days of its period left and AJAN has 448, so the two are not the same bet on the same months.

Where each one stands today

PQXX resets first, on Dec 31, 2026, 83 days from now; AJAN runs to Dec 31, 2027, 448 days. AJAN can still gain 9.0% before its cap, PQXX 1.9%. A fall from here reaches AJAN’s buffer after 3.9% and PQXX’s after 0.6%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	AJAN	PQXX	AJAN	PQXX
3 months	+1.1%	+2.0%	−2.1 pts	−1.1 pts
6 months	+3.0%	not published	−11.6 pts	not published
1 year	+4.4%	not published	−11.6 pts	not published

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AJAN

Innovator Equity Defined Protection ETF - Jan 2028 · Absorbs the whole loss on SPY and caps the gain at 13.3%, over a period ending Dec 31, 2027

PQXX

PGIM S&P 500 Quarterly Buffer 20 ETF · Absorbs the first 20% of loss on SPY and caps the gain at 2.5%, over a period ending Dec 31, 2026

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Dec 31, 2025 to Dec 31, 2027 Oct 1, 2026 to Dec 31, 2026

Days left 448 83

Starting cap +13.3% +2.5%

Can still gain 9.0% 1.9%

Fall before buffer 3.9% 0.6%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +14.2% +2.1%

Fund return this period +3.4% +0.5%

State today At cap Open

Expense ratio 0.79% 0.50%

Net assets $42m $3m

As of Oct 9, 2026. Source: ETFIQ.

AJAN in plain words

SPY had already risen past this fund's cap of +13.3% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 9.0% as the period runs out. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 448 days remained on Oct 9, 2026. On Dec 31, 2027 the period ends and a new cap is set.

PQXX in plain words

From its price on Oct 9, 2026, the fund can gain about 1.9% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 83 days remained on Oct 9, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AJAN or PQXX?: From their prices on Oct 9, 2026, AJAN can gain about 9.0% before its cap and PQXX about 1.9%, so AJAN has more room left this period.
Which resets first, AJAN or PQXX?: AJAN ends its outcome period on Dec 31, 2027 and PQXX on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or PQXX?: AJAN charges 0.79% a year and PQXX charges 0.50%, so PQXX is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs ZJAN AJAN vs SIXJ AJAN vs EALT AJAN vs XDEC PQXX vs CPST PQXX vs OCTP PQXX vs CPSD PQXX vs SEPM

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJAN on its own →PQXX on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AJAN ↗PQXX filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, AJAN against PQXX, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/ajan-vs-pqxx

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.